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If you've been following the MBS Commentary, you know what a big deal this afternoon could be. Markets have been preparing for it for weeks and MBS Live members have been on top of those movements every step of the way.

This afternoon, when markets are convulsing mere milliseconds after the Fed Announcement, MBS Live members will know what's going on before anyone else. The accuracy and speed of our real-time price stream and alerts is unmatched.

MBS RECAP: Bad Day for Bonds; Weakness Tomorrow Would Threaten Critical Support

Feb 3 2015, 5:11PM

Bond markets began the day by putting in a repeat performance of yesterday's overnight and early morning hours. Both days say a 3-4 bp drift higher overnight and another 3-4bp spike in yields ahead of 9am.

Today's version didn't have as pleasant of an ending though. yields continued to drift sideways to slightly higher. Fannie 3.0s remained stuck under 103-08, right in line with yesterday's weakest levels. When prices are repeatedly hitting their heads on a ceiling that was yesterday's floor, it's never good.

MBS buyers went on a more serious strike just after 2:30, resulting in a quick eighth point drop to 102-30. The move had roots in an oil price spike that pushed Treasury yields and stock prices higher starting around 1pm.

From a technical perspective, yesterday now stands as a failed test of a break below 1.70 in 10yr yields. Similar weakness tomorrow would threaten critical support at 1.84.

MBS Pricing Snapshot

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.

About the Author

A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators.
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